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J. Alexander’s Corporation Reports Results For Second Quarter And First Half Of 2012 Fiscal Year

Stocks in this article: JAX

J. Alexander’s Corporation posted average weekly same store sales per restaurant of $93,700 in the second quarter of 2012, an increase from $89,900 in the second quarter of 2011. The Company’s average weekly sales per restaurant for the second quarters of 2012 and 2011 were the same as the same store averages because all restaurants are currently in the same store base.

Beef prices paid by the Company during the quarter increased by approximately 11% compared to the second quarter in prior year. However, the effect of menu price increases and lower prices paid for certain other food commodities, combined with other actions by the Company to lower food costs, more than offset the effect of the higher beef prices. Cost of sales decreased to 31.6% of net sales for the second quarter of 2012 from 33.2% of net sales in the corresponding quarter of the previous year.

The Company’s average weekly guest counts on a same store basis decreased by 2.0% in the second quarter of 2012 compared to the corresponding quarter of 2011. The average guest check, including alcoholic beverage sales for the quarter, was an estimated $27.95 and increased by approximately 6.1% from the prior year’s comparable quarter. The estimated effect of menu price increases for the second quarter was approximately 4.2% compared to the second quarter of 2011.

The Company’s total labor and related costs for the second quarter of 2012 remained consistent with the same quarter of the prior year at 33.7% of net sales. The effects of higher sales generally offset additional incentive compensation expense, increased restaurant management staffing levels, and normal inflationary increases. Other restaurant operating expenses decreased to 20.6% of net sales from 21.9% of net sales. The decrease in the second quarter of 2012 was due primarily to the effect of higher net sales and reductions in certain operating expenses.

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